True/False a. Secured debt holders have a preferred position over other creditors, but not over preferred stock holders. b. Kimberly-Clark recently repurchased 12.4 million shares of common stock at a price of $97 per share. One plausible reason for this is that the company feels that its stock is overvalued at the current market price. c. In 2013, Macy's paid $359 million of cash dividends. These dividends reduce assets and reduced retained earnings.